Hawaiian Electric Industries Inc. (NYSE:HE) Q2 2018 Earnings Conference Call - Final Transcript
Aug 03, 2018 • 04:00 pm ET
2% plus one-time items year-to-date for smart grid costs incurred before approval of our revised grid monetization strategy, a one-time rent expense adjustment for existing substation land, unbudgeted emergency repair work on -- in Oahu transmission line and an increased scope of Maui overhauls.
As discussed earlier, we revised our 2018 capex outlook to $400 million, which impacts AFUDC. In 2019, we should benefit from the full-year of reset rates across all three utilities and a full year of recovery on substantially all of our Schofield investment. Finally, we do not expect Pacific Current to contribute meaningfully to 2018 earnings, given startup costs for the year, as we build out the platform and team.
Connie will now make closing remarks.
Thanks, Greg. In summary, we continue to focus on our enterprise wide mission of being a catalyst for a better Hawaii. Our utilities advanced their work to modernize our grid to facilitate more renewable resources and provide more customer options. The commission decisions issued in the quarter help us move forward and maintain momentum towards our state's renewable goals.
Our utilities continue to focus on providing more customer value and on their role in creating resilient sustainable communities through technology, smart use of resources and partnership building. At the bank, we continue our work to make banking easier, deepen customer relationship, strengthen efficiency and enhance asset quality, while growing the asset portfolio and we very much look forward to the new campus opening later this year.
At Pacific Current, our first two projects are proceeding well and we are prudently investing in the build-out of the organization. Overall, our business model continues to provide the financial resources to invest in the strategic growth of our companies and our state's sustainable future, while supporting our dividend, which our board maintained at $0.31 per share this quarter, continuing our history of uninterrupted dividends since 1901. The dividend yield continues to be attractive at 3.5% as of yesterday's market close. As always, our companies will continue to focus on providing long term value for our customers, communities, employees and shareholders.
And now, we look forward to hearing your questions.